Group 1: Company Overview and Business Expansion - Petty Animal Nutrition Technology Co., Ltd. was established in 2002 and has expanded its main business from chewing gum to pet meat snacks and staple foods, forming a comprehensive operation that includes R&D, manufacturing, sales, and brand management [3] - The company has developed a brand matrix with its own brands "Jueyan, Haoshijia, and Chinen," with staple food revenue continuing to grow, particularly in the air-dried staple food category [3] - The company is actively implementing global operations, with multiple production projects along the "Belt and Road" initiative, including factories in Vietnam and Cambodia focusing on ODM pet snacks, and a New Zealand factory providing high-quality staple foods [3] Group 2: Market Dynamics and Sales Strategy - The current market structure indicates that the U.S. market is primarily supplied by Southeast Asian production, which can meet most order demands, and tariffs have a limited impact on the company's export business due to deep cooperation with overseas clients [3][4] - The company is expanding its market presence outside the U.S., particularly in Europe and Canada, which has led to the accumulation of quality clients and supports stable development of its ODM business [3] - For the upcoming 618 sales event, the company plans to enhance online channel cooperation with major e-commerce platforms and leverage KOLs for greater product exposure [5] Group 3: Brand Development and Future Plans - The Jueyan brand is positioned in the mid-to-high-end market and has accumulated a loyal customer base, maintaining rapid revenue growth and leading in the domestic pet snack sector [5] - The company aims to expand its product categories and plans to enter international markets, with Southeast Asia and Europe as primary targets [5] Group 4: Production Capacity and Cost Management - The New Zealand factory is a key growth driver in the high-end puffed grain market and is currently in commercial operation, with a high proportion of production being utilized for OEM [6] - The company is focused on optimizing supply chain management to stabilize gross margins, with major raw materials like chicken, duck meat, and starch remaining stable in price [7] - A comprehensive foreign exchange risk management mechanism is in place to monitor exchange rate fluctuations and adjust product pricing as necessary [7]

证券代码：301603 证券简称：乔锋智能 乔锋智能装备股份有限公司 2025 年 5 月 7 日投资者关系活动记录表 编号：2025-002 数控机床行业企业 2024 年年报和 2025 年一季报都已披 露，公司 2024 年度公司营业收入 17.60 亿元,同比增长 21.02%， 归母净利润 2.05 亿元，同比增长 21.33%；2025 年第一季度营 业收入 4.78 亿元，同比增长 29.92%，归母净利润 7457.10 万 元，同比增长 44.97%。同行业其他公司的业绩情况，您可以 登入巨潮资讯网（www.cninfo.com.cn）查阅同行业公司披露的 定期报告，并进行比较。 3、行业以后的发展前景怎样？ 在国家政策大力支持、智能制造及产业转型升级的背景 下，叠加机床更新换代需求旺盛、国产替代加速、数控化率持 续提升等因素,未来我国数控机床行业仍有广阔的发展空间。 4、公司之后的盈利有什么增长点？ 行业层面：在国家政策大力支持机床企业发展，智能制造 | 投资者关系活动 | 特定对象调研分析师会议  | | --- | --- | | 类别 | 媒体采访  业绩说明会 | | | ...

Group 1: Sales Performance - The company's overseas market sales revenue for 2024 is approximately $34 million, representing a year-on-year increase of about 90% [2] - In Q1 2025, the company reported revenue of $595 million, a year-on-year growth of 10.27%, with a net profit of $67.55 million [4] - The company's contract liabilities decreased from $150 million at the beginning of the quarter to $70 million by the end, indicating a significant reduction [5] Group 2: Product Development and Innovation - The company has developed multiple konjac products and plans to innovate based on market needs to enhance sales scale [3] - In 2024, the company launched several innovative products, including nitrogen-packed deep-sea fish rich in DHA and zero-additive quail eggs [4] - The company focuses on three main categories: fish products, poultry products, and bean products, with six major product lines [4] Group 3: Market Strategy and Brand Development - The company is enhancing brand awareness through collaborations with celebrities and influencers on social media platforms [5] - There are no current plans to invest in snack chain stores to increase market share [4] - The company emphasizes a high dividend policy, having introduced mid-term dividends in 2024 [4] Group 4: Operational Challenges and Responses - The company faces challenges in its internationalization strategy but is actively working to develop products that meet local tastes and standards [2] - The negative change in operating cash flow in Q1 was primarily due to increased cash payments for goods and services [3] - The company has no current plans for share reduction but will disclose any future plans as required [3]

Group 1: Financial Performance - In 2024, the company's operating revenue increased by 10.5% year-on-year, while the net profit attributable to shareholders decreased by 15.2% [2][3] - The decline in net profit is primarily due to high raw material costs and low product prices in the pesticide sector [3][4] Group 2: Market Challenges - The high price of fluorite powder, a key raw material, has significantly increased production costs, putting pressure on profit margins [3][4] - The pesticide industry is experiencing oversupply, leading to a continuous decline in the prices of intermediate products [3][4] Group 3: Strategic Planning - The company aims to enhance its market share in the new energy materials sector by focusing on technological innovation and circular economy practices [3][5] - Future projects include high-performance polymer, dicyan, and hexafluorophosphate sodium projects, which are expected to drive growth in new materials and refrigerants [6][5] Group 4: Cost Management and Efficiency - The company plans to implement cost management strategies and optimize product structure to improve profit margins [4][5] - Financial and R&D expenses have increased, prompting the company to focus on precise resource allocation and explore diversified financing channels to reduce costs [5][6] Group 5: Competitive Advantages - The company possesses a complete fluorochemical industry chain, which includes raw materials and various fluorinated products, providing a competitive edge [4][5] - Continuous investment in technology and production line automation is expected to enhance the company's resilience against market fluctuations [4][5]

Group 1: Financial Performance - In 2024, the company achieved a revenue of 1.022 billion CNY, representing a year-on-year growth of 25.68% [2] - The net profit attributable to shareholders was 175 million CNY, an increase of 37.54% year-on-year [2] - In Q1 2025, total revenue reached 216 million CNY, with a year-on-year growth of 16.85% [2] - The net profit attributable to shareholders for Q1 2025 was 43.298 million CNY, reflecting a year-on-year increase of 30.67% [2] Group 2: National Standard AECS Implementation - The national standard AECS was officially released on April 25, 2025, and will be mandatory for all M1/N1 class vehicles sold in China starting July 1, 2027 [2] - Prior to the implementation of the national standard, existing systems were defined by individual car manufacturers, lacking a unified standard [2] - The release of the national standard AECS is expected to significantly transform the automotive market, pushing existing systems to align with the new standard [2][3] Group 3: Market Impact and Product Pricing - The implementation of AECS is projected to create a market increment worth billions, significantly reducing rescue times and traffic accident mortality rates [4] - While market competition may drive down prices for AECS terminals, the importance of life safety ensures that there will be a price floor for these products [4] - The focus on life safety will lead to stringent requirements for technology solutions, hardware design, and quality assurance in the industry [4] Group 4: Technical Requirements and Standards - The technical barriers for AECS products include reliability and compliance with various testing standards, such as collision tests and emergency call trigger tests [5] - The company is among the first to obtain EU NG eCall certification, which enhances data transmission capabilities compared to traditional eCall systems [6] - The national standard AECS will utilize 4G/5G networks and integrate China's BeiDou satellite navigation system, differing from the EU's approach [6] Group 5: Product Composition and Market Strategy - The company's intelligent terminal products are developed using a modular approach, allowing customization across various vehicle types [7] - The specific market share of eCall and TBOX within the intelligent terminal sales is not disclosed due to the complexity of product forms [7] - The company believes that suppliers are unlikely to venture into eCall products due to the high safety standards required [7]

Group 1: Company Performance and Market Conditions - The company anticipates short-term pressure on order intake due to uncertainties from tariff policies and weak end-consumer demand in the apparel sector [2] - The apparel accessories industry is expected to face increased competition due to tariff changes, but companies with international capabilities will benefit [3] - The company is implementing cost control measures while enhancing communication with downstream clients to mitigate the impact of trade conflicts [4] Group 2: Pricing and Competitive Advantage - The company employs a cost-plus pricing model, with product pricing being one of several factors considered by clients [5] - Compared to YKK, the company focuses on a "product + service" model, emphasizing quality products and comprehensive service [6] Group 3: International Expansion and Production Capacity - The establishment of the Vietnam industrial park enhances supply chain stability and aligns with international brand client needs, contributing to increased global market share [8] - The company expects significant performance improvements in 2025 as production capacity utilization in Vietnam increases [8] Group 4: Business Segmentation and Future Outlook - The company is optimistic about the future of its zipper business, which has a larger market potential compared to buttons [9] - The ribbon category, while currently facing losses due to high initial investments, is expected to improve in the future [10] Group 5: Sales and Compensation Structure - The company primarily utilizes direct sales through subsidiaries and offices to reach global apparel brands [11] - A comprehensive performance evaluation and compensation system is in place, including stock incentive plans to motivate employees [12]

证券代码：301193 证券简称：家联科技 宁波家联科技股份有限公司 2025 年 5 月 8 日投资者关系活动记录表 编号：2025-003 投资者关系活动类 别 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 现场参观 □其他 （请文字说明其他活动内容） 参与单位名称及人 员姓名 励波；戎君君；林凯；张丽丽；李春旭；邓建军；邵科伦；周宏 良；朱宏达；张得；虞迪；许敏敏 时间 2025 年 5 月 8 日 地点 公司会议室 上市公司接待人员 姓名 副总经理、董事会秘书 汪博 证券事务代表 解竣皓 证券部 杨嫣丹 投资者关系活动主 要内容介绍 一、家联科技董事会秘书汪博带领调研人员参观公司展厅、生 产现场，介绍公司的产品及业务情况。 二、公司与调研人员就以下问题进行了探讨 问题一：未来公司重点发展国内市场还是国外市场？ 答：公司未来的重点并非单一侧重国内或国外市场，而是通过 亚洲研发+全球智造+本土化深耕实现协同发展。短期内，外销修复 与全球化产能扩张将支撑业绩；长期来看，国内新消费趋势和环保 政策驱动内销持续高增，同时绿色低碳产品的全球需求增长为公司 提供长期增长动力，通过国 ...

Group 1: Financial Performance and Market Impact - The company's foreign business revenue is $23.5 million, with minimal impact from U.S. trade tariffs on overall performance [2] - The company experienced a decline in performance in the last quarter and the first quarter of this year due to slower customer payment speeds and project commencement [3] - The annual accounts receivable increased significantly, leading to a larger provision, which is a major reason for the decrease in net profit [3] Group 2: Product Development and Market Strategy - The sales of magnetic suspension products are expected to double in 2024 compared to 2023, focusing on high-energy-consuming industries like steel and metallurgy [3] - The company has initiated 32 R&D projects, with a focus on intelligent, energy-efficient, and nuclear power products [3] - The company is collaborating with several enterprises to develop new products, including a smart slurry pump that enhances operational efficiency and reduces downtime risks [4] Group 3: Environmental and Technological Initiatives - The company emphasizes "making environmental protection a productivity" concept in its water treatment operations, focusing on continuous technological improvements and lean management practices [3][5] - The establishment of a fan efficiency diagnosis database aims to identify energy-saving potential clients and support carbon trading and government subsidies [4] Group 4: Market Position and Competitive Advantage - The company maintains a leading position in the domestic market for Roots blowers, with continuous investment in R&D to enhance technological advantages [4] - Magnetic suspension products offer over 30% energy efficiency improvement compared to traditional products, despite higher initial costs [4] - The company plans to deepen its overseas market penetration, focusing on Southeast Asia, Africa, and Russia in the fields of intelligent manufacturing, environmental water treatment, and new material development [5]

Group 1: Industry Overview - The surface active agent industry in China has developed into a large-scale and diverse sector, focusing on functional and green development trends [2] - The country has made significant advancements in key technologies and production processes for bulk surface active agent products [2] - There are few listed companies producing alkyl glycosides and polyether amines, indicating a niche market for high-performance new materials [2] Group 2: Subsidiary Information - Jiangsu Dajiang New Materials Chemical Co., Ltd. was established with a registered capital of 150 million RMB, with the company holding a 50.1% stake [3] - The subsidiary focuses on polyurethane catalysts and epoxy resin curing agents [3] Group 3: Impact of Trade Relations - The company has strengthened its export efforts, with a diverse product range primarily targeting Southeast Asia and the EU, while the impact of the US-China trade war is relatively minor due to low export volume to the US [4] Group 4: Production Capacity and Utilization - Current production capacity for polyether amines is 31,000 tons/year, with a utilization of 28,500 tons/year [4] - The utilization rate for polyether amines in 2024 is projected to be around 46%, while alkyl glycosides have reached a 100% utilization rate [4] Group 5: Research and Development Projects - Key ongoing R&D projects include the development of high-efficiency clean fire extinguishing agents, new decolorization processes for alkyl glycosides, and methods for continuous preparation of silicone oil [5] - Future R&D projects will focus on lignin-based polyols and biodegradable pressure-sensitive adhesives for express delivery tape [5] Group 6: Profit Growth Projections - Expected profit growth channels for 2025 include expanding the application fields of small-batch polyether amines and increasing production capacity utilization [5] - The completion of a 35,000 tons/year alkyl glycoside expansion project is anticipated to contribute to revenue growth [5] - Overall revenue is expected to improve if the chemical industry recovers this year [5]

Group 1: Company Performance and Financial Outlook - In Q1 2025, the company's revenue declined by 63%, with a net loss of over 26 million [6] - The company anticipates that the optical electronics business will gradually improve its revenue and net profit due to ongoing projects and orders [7] - The company expects to see a significant increase in production capacity to meet customer delivery requirements after the acquisition of ficonTEC is completed [4] Group 2: ficonTEC Acquisition and Integration - The acquisition of ficonTEC has been approved by the China Securities Regulatory Commission, and it will become a wholly-owned subsidiary of the company [4][13] - The integration of ficonTEC is expected to enhance operational efficiency and reduce production costs, contributing positively to the company's performance [3][4] - The company plans to implement a "dual headquarters" global layout to better serve customers in the Asia-Pacific region while expanding overseas [4] Group 3: Market Demand and Customer Orders - ficonTEC has secured orders from major clients, including Tesat-Spacecom GmbH, a subsidiary of Airbus, and other leading companies in the satellite communication sector [3] - The company is actively expanding its service capabilities in Southeast Asia, Taiwan, and South Korea to meet the growing demand for Co-Packaged Optics (CPO) and optical transceiver technologies [7] - The domestic market for ficonTEC's equipment is expected to grow significantly, with increasing collaboration with major Chinese companies like Huawei and others [11] Group 4: Technology and Product Development - ficonTEC has developed equipment to enhance yield rates in wafer and chip manufacturing, which has been showcased at industry events [13] - The company is focusing on advancing its technology in the photonics field, with applications in data communication, AI, and quantum computing [13] - The company is a core member of the Taiwan Silicon Photonics Industry Alliance, collaborating with top semiconductor companies to promote the commercialization of silicon photonics technology [13] Group 5: Challenges and Market Conditions - The company faces challenges due to cyclical demand fluctuations in the photovoltaic industry, which have impacted its equipment segment [6][24] - Concerns have been raised regarding the low yield rates of the CPO project with NVIDIA and TSMC, but the company assures that measures are in place to improve these rates [6] - The company is closely monitoring geopolitical situations, such as the India-Pakistan tensions, to mitigate any potential impacts on its operations in India [15]